Cyber security firm to be acquired in £30m deal
AIM-listed Shearwater Group has agreed to buy a cyber security firm in a deal worth more than £30 million.
The digital resilience company plans to take over Brookcourt, which specialises in providing cyber security and network solutions, for a total sum of £30.3 million.
Established in 2005, Surrey-based Brookcourt has won over 20 industry awards to date and has longstanding relationships with multiple FTSE 100 and FTSE 250 companies.
The company generated revenues of more than £22 million in its latest financial year.
"This transformational acquisition provides us with a substantial platform from which we can grow organically and by further acquisitions," said David Williams, chairman of Shearwater.
"One of the key elements of our buy and build strategy is that the management teams stay with the business and become active parts of the enlarged group - I am therefore delighted that Phil, Dene and the Brookcourt team are joining us."
Phil Higgins, co-founder and chief executive of Brookcourt, added: "We had a number of options to develop and grow our business, but were very much drawn to joining Shearwater owing to our shared vision and the real opportunity to be part of a rapidly growing PLC.
"This unity provides us with the resources, additional industry expertise and support to scale the business in delivering a broader solutions offering to our existing and prospective customers."
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